Lakeside Apartments goes en bloc; reserve price S$240m

LAKESIDE Apartments is now on the market with a reserve price of S$240 million - the latest to wade into the wave of collective sales here. More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the collective sale tender was launched on Tuesday. This means each of the owners at the 120-unit development could stand to get S$2 million each. The site at Yuan Ching Road is zoned residential with a plot ratio of 2.1. It currently comprises two tower blocks of 15 storeys. It has 59 years left on its 99-year lease. Developers will have to also cough up an enhancement premium of S$55.56 million for both the lease top-up premium as well as the intensification of land use from the current baseline of 24,721 sq m, or an equivalent gross plot ratio of 1.98. "Given its continuous unblocked frontage alongside the Jurong Lake, Lakeside Apartments presents an exceptional redevelopment opportunity for developers seeking to create an iconic residential development," said marketing agent SLP International. The tender for Lakeside Apartments will close on July 24.